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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Starbucks Corporation    SBUX

STARBUCKS CORPORATION

(SBUX)
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Starbucks to let Mexico's Alsea operate stores in four European markets

10/18/2018 | 01:07pm EST
Customers are seen at a Starbucks coffee store which displays their old logo in Paris

(Reuters) - Starbucks Corp said on Thursday it would give its longtime partner Mexico's Alsea SAB the rights to operate its cafes in France, the Netherlands, Belgium and Luxembourg as the coffee chain tries to streamline its operations in markets where sales have struggled.

Starbucks said it will sell 83 company-owned stores in the Netherlands and France to Mexican restaurant operator Alsea, while taking control of 177 franchised stores in the four countries, a company spokeswoman told Reuters.

U.S. restaurant chains typically seek to cut overhead costs by franchising their store operations to third parties instead of operating them themselves.

But for Starbucks, the move comes as it struggles to see growth in Europe, Middle East and Africa, where same-stores sales have failed to show strong growth in the past year.

Starbucks said the move to license out would help it "unlock untapped potential" for growth, adding it would close a support centre in Amsterdam and consolidate its European headquarters in London. The Amsterdam closure will impact about 186 employees, the spokeswoman said.

For Alsea, which already franchises more than 900 Starbucks stores in Latin America, the new deal expands its ties with Starbucks outside of Latin America and brings its partnership with the chain to nine markets globally.

Both Starbucks and Alsea's shares were down 1.2 percent in noon trading.

(Reporting by Siddharth Cavale and Aishwarya Venugopal in Bengaluru; Editing by Arun Koyyur)


© Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
ALSEA, S.A.B. DE C.V. 4.68% 25.48 End-of-day quote.-48.87%
DOW JONES AFRICA TITANS 50 INDEX 0.44% 502.19 Delayed Quote.-7.38%
LINE CORPORATION 0.00% 5380 End-of-day quote.0.56%
S&P AFRICA 40 INDEX 0.43% 162.22 Delayed Quote.-6.82%
SEEK LIMITED 2.07% 26.18 End-of-day quote.16.10%
STARBUCKS CORPORATION 1.47% 98.28 Delayed Quote.11.81%
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Financials (USD)
Sales 2021 28 476 M - -
Net income 2021 3 123 M - -
Net Debt 2021 10 196 M - -
P/E ratio 2021 36,8x
Yield 2021 1,85%
Capitalization 115 B 115 B -
EV / Sales 2021 4,41x
EV / Sales 2022 4,18x
Nbr of Employees 349 000
Free-Float 99,4%
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Technical analysis trends STARBUCKS CORPORATION
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Mean consensus OUTPERFORM
Number of Analysts 34
Average target price 95,97 $
Last Close Price 98,30 $
Spread / Highest target 12,9%
Spread / Average Target -2,37%
Spread / Lowest Target -18,6%
EPS Revisions
Managers
NameTitle
Kevin R. Johnson President, Chief Executive Officer & Director
Myron E. Ullman Chairman
Rosalind Gates Brewer COO, Director & Group President-Americas
Patrick J. Grismer Chief Financial Officer
Gerri Martin-Flickinger Chief Technology Officer & Executive VP
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